Question:
i WONDER IF THE MORTGAGE COMPANY CAN CHARGE YOU A PREPAYMENT PENALTY IF YOU FORECLOSURE. THE PAPERWORK SAYS IF YU REFINANCE OR SELL THE HOUSE.NOTHING ABOUT FORECLOSURE.
Answer:
If you sell the house to avoid foreclosure, the prepayment penalty will be charged. However, you may be able to negotiate with the lender if the property is over financed and you have a willing and able buyer. Ask the buyer to write a contract and for submission to the lender for approval of a "short sale." If you are unfamiliar with these ideas, you will need the assistance of an experienced realtor or investor. Hope it works out.
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